TP ICAP revenue and profits improve in H1

TP ICAP said adjusted revenues increased from £936.0m a year earlier to £1.08bn in the first half of 2022, with revenue growth across all business divisions, while adjusted underlying earnings increased £30.0m to £185.0m and adjusted pre-tax profits rose £28.0m to £116.0m.

The FTSE 250-listed group's adjusted EBIT margin increased six basis points to 13.1% and basic earnings per share grew from 10.2p to 12.8p on an adjusted basis. An interim dividend per share of 4.5p per share will be paid on 4 November, up from 4.0p at the same time twelve months prior.

TP ICAP also highlighted that it was on track to deliver £25.0m in cost savings by the end of 2022.

Looking forward, TP ICAP noted that the market environment to date in 2022 had been "volatile", driven primarily by monetary policy tightening to combat record levels of inflation, the war in Ukraine, and recessionary risks in many countries.

However, despite "the uncertain backdrop", TP ICAP said it was "cautiously optimistic" for the remainder of the year and stated it was "well positioned".

As of 0815 BST, TP ICAP shares were up 10.11% at 145.90p.

Reporting by Iain Gilbert at Sharecast.com